Archive · 16 Aug 2025
MahaRERA Orders ₹90 Crore Recovery From Palais Royale Promoter
MahaRERA, a real estate regulator, has told Honest Shelters, the company in charge of Palais Royale, to pay almost ₹90 crore.
This is because the company didn't give people their apartments on time.
The money is for interest that is owed because of the delays.
This all started because a company called IIFL Finance said that Honest Shelters didn't follow previous orders.
Palais Royale, a fancy apartment building, has had many problems, which have caused issues for the people who bought apartments and the financial backers.
MahaRERA ordered recovery of nearly ₹90 crore from Honest Shelters for delayed possession.
The order came after IIFL Finance Ltd. filed an execution application due to non-compliance.
The recovery is for interest payments related to four flats, plus three more belonging to IIFL Finance.
The January 16 order directed Honest Shelters to hand over IIFL's flats and pay interest for the delay.
Palais Royale, a luxury project, has faced repeated setbacks leading to disputes.
- Who
- MahaRERA and Honest Shelters Pvt Ltd.
- What
- MahaRERA ordered recovery of ₹90 crore from Honest Shelters.
- When
- Orders were issued on July 27, July 28, and August 4.
- Where
- Worli, Mumbai, India
- Why
- For failing to comply with directives regarding delayed possession of flats.
Homebuyers/Financiers
Honest Shelters
Possession and Compensation
Homebuyers/Financiers
Seeking timely possession and financial compensation for delays.
Honest Shelters
N/A
- Project
- Palais Royale
- Promoter
- Honest Shelters Pvt Ltd
- Amount of Recovery
- Approximately ₹90 crore
- Issuing Authority
- MahaRERA
- Reason for Recovery
- Delayed possession of flats
- Plaintiff
- IIFL Finance Ltd